NBC Securities Inc. Grows Position in Pinnacle Financial Partners, Inc. (NASDAQ:PNFP)

NBC Securities Inc. grew its position in shares of Pinnacle Financial Partners, Inc. (NASDAQ:PNFP - Free Report) by 113,014.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 7,918 shares of the financial services provider's stock after acquiring an additional 7,911 shares during the quarter. NBC Securities Inc.'s holdings in Pinnacle Financial Partners were worth $839,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Pinnacle Financial Partners by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 7,200,386 shares of the financial services provider's stock valued at $823,652,000 after acquiring an additional 87,058 shares during the last quarter. FMR LLC increased its stake in Pinnacle Financial Partners by 10.6% in the fourth quarter. FMR LLC now owns 3,003,310 shares of the financial services provider's stock worth $343,549,000 after purchasing an additional 286,894 shares during the period. North Reef Capital Management LP increased its stake in shares of Pinnacle Financial Partners by 57.1% during the fourth quarter. North Reef Capital Management LP now owns 1,940,000 shares of the financial services provider's stock valued at $221,917,000 after buying an additional 705,000 shares during the period. Capital Research Global Investors increased its stake in shares of Pinnacle Financial Partners by 57.0% during the fourth quarter. Capital Research Global Investors now owns 1,559,798 shares of the financial services provider's stock valued at $178,425,000 after buying an additional 566,061 shares during the period. Finally, Wellington Management Group LLP increased its stake in shares of Pinnacle Financial Partners by 16.5% during the fourth quarter. Wellington Management Group LLP now owns 1,504,254 shares of the financial services provider's stock valued at $172,072,000 after buying an additional 213,505 shares during the period. 87.40% of the stock is currently owned by institutional investors.

Insider Activity at Pinnacle Financial Partners

In other Pinnacle Financial Partners news, CEO M Terry Turner sold 2,000 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $100.63, for a total transaction of $201,260.00. Following the completion of the sale, the chief executive officer now directly owns 254,552 shares of the company's stock, valued at approximately $25,615,567.76. This trade represents a 0.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Glenda Baskin Glover sold 3,000 shares of the firm's stock in a transaction that occurred on Friday, March 14th. The shares were sold at an average price of $101.55, for a total value of $304,650.00. Following the completion of the sale, the director now directly owns 9,943 shares of the company's stock, valued at $1,009,711.65. This represents a 23.18% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 5,041 shares of company stock valued at $509,986 in the last three months. 1.46% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

PNFP has been the topic of several analyst reports. Jefferies Financial Group assumed coverage on Pinnacle Financial Partners in a research note on Wednesday, May 21st. They issued a "buy" rating and a $135.00 target price on the stock. JPMorgan Chase & Co. decreased their target price on Pinnacle Financial Partners from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Keefe, Bruyette & Woods decreased their price target on Pinnacle Financial Partners from $130.00 to $115.00 and set a "market perform" rating for the company in a report on Thursday, April 17th. Truist Financial assumed coverage on Pinnacle Financial Partners in a report on Tuesday, May 13th. They issued a "buy" rating and a $123.00 price target for the company. Finally, Barclays cut their price objective on Pinnacle Financial Partners from $135.00 to $125.00 and set an "overweight" rating for the company in a research report on Tuesday, April 8th. Four equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $121.27.

Pinnacle Financial Partners Trading Down 0.3%

PNFP traded down $0.27 during mid-day trading on Thursday, hitting $105.53. 283,025 shares of the stock were exchanged, compared to its average volume of 501,909. The firm's fifty day moving average is $101.54 and its two-hundred day moving average is $111.54. Pinnacle Financial Partners, Inc. has a 1-year low of $73.62 and a 1-year high of $131.91. The company has a current ratio of 0.90, a quick ratio of 0.90 and a debt-to-equity ratio of 0.37. The company has a market cap of $8.18 billion, a PE ratio of 17.65 and a beta of 1.00.

Pinnacle Financial Partners (NASDAQ:PNFP - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.82 by $0.08. Pinnacle Financial Partners had a return on equity of 9.04% and a net margin of 15.48%. The company had revenue of $475.37 million for the quarter, compared to the consensus estimate of $478.11 million. During the same quarter in the prior year, the business earned $1.53 EPS. Equities analysts forecast that Pinnacle Financial Partners, Inc. will post 7.85 earnings per share for the current fiscal year.

Pinnacle Financial Partners Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 30th. Investors of record on Friday, May 2nd were given a $0.24 dividend. The ex-dividend date was Friday, May 2nd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 0.91%. Pinnacle Financial Partners's dividend payout ratio (DPR) is presently 15.53%.

About Pinnacle Financial Partners

Pinnacle Financial Partners, Inc, together with its subsidiaries, operates as the bank holding company for Pinnacle Bank that provides various banking products and services to individuals, businesses, and professional entities in the United States. The company accepts various deposits, including savings, noninterest-bearing and interest-bearing checking, money market, and certificate of deposit accounts; and provides treasury management services, which includes online wire origination, enhanced ACH origination services, positive pay, zero balance and sweep accounts, automated bill pay services, electronic receivables processing, lockbox processing, and merchant card acceptance services.